No longer confidential? CipherTrace develops Monero tracking tool for US authorities

Many have come to love the popular Monero for making identification difficult. However, this may no longer be the case. CipherTrace reported on the development of a Monero tracking solution for the us government.

New Monero tracking solution for US authorities

In an announcement released on Monday, CipherTrace, a digital currency research company, made a statement that the development of the XMR tracking tool was the result of a contract with the US DHS Office of science and technology. This forensic tool will ensure effective monitoring and investigation of this altcoin’s transactions.

The newly developed tool will also allow law enforcement officers and other government agencies to visualize XMR transaction flows to catch criminals hiding behind cryptocurrency. It will also help cryptocurrency exchanges and other financial organizations detect and avoid receiving confidential coins from illegal sources.

In the announcement, CipherTrace indicated that Monero has become the most preferred cryptocurrency among the darknet markets right after Bitcoin. About 45 percent of darknet markets prefer cryptocurrency because of the anonymity of users it offers, making it almost impossible to reveal the people behind the crypto transaction.